Tampa home prices more than $25K higher than US average, Zillow reports

TAMPA, Fla. (WFLA) — Zillow, the real estate company, reported American housing affordability has hit a 15-year low due to high home prices, higher mortgage rates, and rising rent. Based on prices and data from May, mortgage rates are rising, putting affordability in question, even as inventory begins to recover.

“Ballooning mortgage costs, driven by skyrocketing prices and interest rates, have made mortgages less affordable than at any time since at least 2007. Demand for homes has pulled back in response, easing price growth, slowing sales and boosting inventory,” Zillow said. Florida identity theft up 175% since start of pandemic As of Thursday, the interest rate for a 30-year, fixed-rate mortgage reached 5.

78%, according to Freddie Mac, a federally backed mortgage company. Freddie Mac reported it was “the largest one-week increase” since 1987. Zillow reported that the higher rate meant monthly payments on a 30-year mortgage were up 51% compared to a year ago, and up 36% since the start of 2022.

The “typical” monthly mortgage is reportedly $2,127. In Tampa, Zillow reported May housing prices were up. While the “typical U.

S. home” is priced at $349,816 according to Zillow, houses in Tampa are priced at $375,460. In May 2021, Zillow reported Tampa homes were selling for $275,152.

Tampa home price surge continues Year-over-year, Zillow reported home prices had gone up 36. 5%. Home prices rose 17.

6% in May 2020. According to the real estate company, Tampa had the second highest yearly price increases. “The hottest annual appreciation among the 50 largest U.

S. metros can be seen in Raleigh (37. 3%), Tampa (36.

5%), and Orlando (33,4%),” Zillow said. “The slowest annual home value growth is in Washington D. C.

(10. 2%), Baltimore (11. 1%) and Pittsburgh (11.

8%). ” As house prices increase, Zillow reported the number of listings for sale and that went under contract were down almost 20% from last May, nationally. In Tampa, inventory was 1.

7% lower than last year, with 11,062 homes on the market, according to the Zillow inventory data. In May 2021, there were 11,253. “While more total inventory is encouraging for buyers faced with stiff competition and bidding wars in months prior, there are still 50% fewer listings to choose from than in May 2019, before the pandemic,” Zillow said.

Rental costs are also up, though starting to lower compared to the year before. Number of Americans who believe in God at lowest level in 78 years of polling The May report on the housing market said the reported rent for the country is an average of $1,979. However, in Tampa, the rent is a reported $2,089.

“Florida still tops the rent growth leaderboard, with rents rising the fastest annually in Miami (31%), Tampa (25. 2%), and Orlando (23. 7%) of all major metros,” according to Zillow.

Looking to the future, Zillow is forecasting a lower one-year home price appreciation over the next few months. The company is expecting prices to increase 8. 8% over the next year, instead of the 10.

4% predicted in April. Zillow said it was due to “market deceleration. “.